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Target CEO Brian Cornell steps down after 10 years as retailer fights to reverse sliding sales
TargetTarget(US:TGT) New York Post·2025-08-20 11:09

Company Leadership Transition - Target CEO Brian Cornell will step down next year after over a decade, as the company undertakes a turnaround effort to reignite growth and reverse declining sales [1] - Michael Fiddelke, the current COO, has been elected to succeed Cornell and will join the Board of Directors on February 1 [1][13] Executive Background - Cornell, 66, is concluding a three-year commitment made in 2022, during which Target's board removed the mandatory retirement age of 65 to allow him to lead during a critical period [2] - Fiddelke, 49, has been with Target for 20 years and has held various leadership roles across merchandising, finance, operations, and human resources [2] Business Performance - In the latest fiscal quarter, Target reported $25.2 billion in sales, a decrease of just under 1% year-over-year [5][16] - Sales at stores open at least a year fell nearly 2%, with in-store sales dropping more than 3%, while online sales grew a little over 4% [10] Profit and Sales Forecast - The company's profit for the quarter was $1.3 billion, down about 19% from the previous year [10] - Target expects a low-single digit decline in sales for fiscal 2025, revised down from a previous forecast of net sales growth of about 1% [15] Strategic Initiatives - To achieve long-term profitable growth, Target announced a new multi-year growth initiative called the Enterprise Acceleration Office, aimed at enhancing speed, adaptability, innovation, and resilience [14]